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Auto Loans in Fort Myers (FL)

Car loans with bad credit in Fort Myers, Florida – it’s our area of expertise. We have a huge selection of vehicle lenders and dealers in our network who offer auto loans for people with bad credit in Fort Myers. Here’s how we enable our users to rise above their credit ratings and obtain auto financing they need:

3 Steps to Approval
  1. You submit an application online.
  2. Our advanced placement program finds you a lender or dealer.
  3. Your lender reaches out to finalize the details of your bad credit automotive financing package.

Fort Myers Car Dealerships That Accept Bad Credit

Nowadays, there are dealerships with finance departments whose sole purpose is serving people with credit problems. In contrast to buy here pay here dealers, these types of dealers offer:

  • Interest rates that are fair.
  • Down payments that are reasonable.
  • New vehicles, instead of only pre-owned ones.

You may not meet the criteria to finance the hottest, most expensive car in the showroom. Normally, when you have a low credit score, you can finance 6 to 8 times the amount you earn per month. For the Fort Myers resident making $1,940 per month, this is $11,640 to $15,520. That being said, a maximum of 10% of your income ($194) should be put toward your car payment, which will limit what you can spend.

An auto lending specialist will determine how much you can borrow, and at what rate. To begin, simply apply online.

Fort Myers Auto Finance Rates: Keeping Them Affordable

Getting a less expensive rate of interest on your loan will save you a lot down the road.

Have a look at this table that shows the impact of varying interest rates.

Good Credit Average Credit Poor Credit
Loan Amount $17,460 $17,460 $17,460
APR 3.50% APR 7.00% APR 11.00% APR
Payment Per Month $318 $346 $380
Interest Owed $1,598 $3,284 $5,317

A stronger credit score will result in lower rates of interest. At this site, you can check your report once annually, without spending a dime, and file disputes for any errors you find, potentially giving you a better credit score. Also, taking care of any existing debt can scale down your DTI (debt-to-income ratio), thereby reducing your rate of interest. Make certain you opt for a loan that won’t take 5-6 years to repay. Your monthly payments will be higher, but lenders charge less for shorter loans. Lastly, a greater down payment will decrease your loan-to-value ratio–yet a final way to reduce your rate.

Fort Myers Buy Here Pay Here Dealerships

For people who have been through bankruptcy or repossession, a buy here pay here dealer may seem like a realistic approach. Nearly all dealer financing is outsourced, as car dealers work with a network of lenders to provide the loans, but BHPH dealers behave as both lender and dealer This is how we get the expression buy here pay here. Disadvantages include:

  • Ridiculous Interest
  • Huge Down Payments
  • Steeply-Priced Vehicles
  • Aggressive Repossession Tactics

If raising your credit score is important to you, you are better off applying through us, seeing as BHPH car lots will not help you rebuild your credit.

Creating a Budget for Your New Car

Typically, it’s possible to buy a higher priced car than is prudent. This is a solid general guideline: spend no more than 8% of your monthly income on your loan payment. For a consumer with a monthly income of $1,940, the Fort Myers average, this is $155.

Good Credit Fair Credit Subprime Credit
Monthly Income $1,940 $1,940 $1,940
Payment $155 $155 $155
Rate 3.50% 7.00% 11.00%
Money Down $2,133 $1,959 $1,785
Loan Amount $8,531 $7,838 $7,138
Interest Paid $781 $1,474 $2,174
Total Paid $11,445 $11,271 $11,097
Vehicle Price $10,664 $9,797 $8,923

Cars for Sale in Fort Myers


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